North Cyprus Properties Replies to Client Emails
We've collected a list of most frequently asked questions we received over email and our replies to our clients.
Finance Related
Question: What proof would we need to have a long term loan?
Answer: We don't require any proof for mortgage plan. If you decide to purchase the property, all you have to do is to sign the contract.
Question: What would happen if we sold the property before the loan is paid- or what would happen if we wished to change the loan - are there any redemption penalties?
Answer: You cannot sell the property until the loan is paid, yet if you wish to do so, then the new owner of your property takes over the loan, or pay the rest in full. There are no redemption penalties for changing the loan or early repayments.
Question: Do you pay both interest and capital from the outset?
Answer: You pay both interest and capital from the outset such as a repayment mortgage in the UK.
Question: Are there any age restrictions - If my partner is 45 yrs old are we able to get a 20 year loan?
Answer: No age restrictions.
Question: Can we negotiate any better interest rates? If for example we provide a higher deposit at 50%?
Answer: Yes. Interest rates are negotiable should you be able to provide a larger capital deposit.
Question: Is the loan secured on the property - If any land issues which may arise in the future, what would happen?
Answer: Yes. The loan is secured on the property you purchase from Unity Ltd..We are prepared to compensate to the value of your property at the time of your purchase from Unity Ltd. should there be any future dispute.
Property Related
Question: Do you have any other properties not shown on your web site?
Answer: All our properties are displayed on our website.
Question: Prior to us purchasing a property are we able to see the details from land registery to put our minds at rest?
Answer: You can definitely see the details of any property you choose prior to purchase at the land registry. These are also held at our solicitor's office.
Question: Why Unity Ltd. do not provide long term loan for completed homes?
Answer: I have to admit that based on the current demand for completed properties, they are being snapped up by cashbuyers.
Question: Can you please tell me where i stand if the south of cyprus claim the land back as it was invaded by turkish people and is it actually yours to build on?
Answer: All our lands we build on have TRNC freehold title deeds and since we will be building on these lands, the lands are owned by Unity Ltd.. If there is a settlement and the previous owners of lands (Greek Cypriots) claim compensation on their lands, Unity Ltd. guarantees to cover the compensation on behalf of their customers. Please see Unity Ltd. Property Compensation Insurance.
Rental Related
Question: Is the charge 15% of the rental income?
Answer: Yes. The charge is 15% of the rental income.
Question: Who decides what the property is rented for and what prices do you recommend each month?
Answer: Unity Ltd. will provide a full market appraisal of your property at your discretion. The final decision of the rental price will remain with the property owner.
Question: What would happen if we had a long term rental?
Answer: If you are planning on using your home during summer and renting it in winter, I would suggest to charge monthly with a long term rental agreement.However, during the peak summer months it would be more profitable to take short term per week rentals.
Question: What service does the 15% include - Does this price include transfers from Larnaca or Ercan airport (if not how much would this cost) Does the cost include laundry, pool garden maintenance, cleaning inside and out, any shopping for basics - bread milk etc.
Answer: Arrangements from Larnaka and Ercan Airports can be arranged by Unity Ltd. at special corporate rates (Larnaka-Esentepe : £52 approx. and Ercan-Esentepe : £30 approx.)Cleaning interior and exterior, laundry, pool and garden maintenance will be covered by the Unity Ltd. property management department for £75 (This is an additional service which is available to the homeowner.) Shopping for basics will be at homeowner's discretion.
Question: What happens if there are any maintenance problems - eg leak do you have persons we could call on?
Answer: Unity Ltd. provides Property Management Service for its customers which takes care of all maintenance problems.
Question: Can you explain the 2 years rental income guarentee ? what monies would we receive?
Answer: Unity Ltd. offers a two year rental guarantee for a particular property based on the rental rates at the time of their completion. Therefore based on todays rates, I am unable to quote what the rental value would be for the end of 2006. Unity Ltd. will offer you the best rental rates at any given time for the secured two years.
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